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April 29, 2021

Prudential Retirement completes $8.4bn longevity reinsurance deal

By Verdict Staff

The International Reinsurance business of Prudential Retirement has completed its first reinsurance deal with an unnamed UK pension scheme, with UK-regulated insurer Zurich Assurance serving as an intermediary.

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Closed in March 2021, the deal sees transfer of longevity risk associated with $8.4bn (£6bn) of pensioner liabilities.

This is Prudential’s third largest UK longevity risk transfer deal so far.

It is the first transaction involving a limited recourse or pass-through structure entered into by Prudential Retirement, a business unit of Prudential Financial.

The latest move comes after the International Reinsurance business was re-branded at the end of last year.

Prudential International Reinsurance business transactions head Rohit Mathur said: “At Prudential, we see the use of a third-party onshore U.K.-regulated insurer as limited recourse intermediary as the logical next step in the de-risking solutions we can offer clients in our evolving business model.”

Willkie Farr & Gallagher and Clifford Chance served as advisors for PFI. Willis Towers Watson (WTW), CMS and Eversheds Sutherland acted as advisors to the trustee and joint working group, while Zurich was advised by Pinsent Masons and Kramer Levin Naftalis & Frankel. The scheme’s sponsor was advised by LCP.

Zurich Assurance longevity risk transfer head Greg Wenzerul said: “There are many ongoing benefits for a U.K. Trustee in using a regulated U.K. insurance company for longevity risk insurance in this capacity, including cost certainty for the life of the transaction.

“All indications are that the U.K. pension risk transfer buy-in and buy-out market activity will remain strong this year.”

Free Report
img

2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
  • Track the Aggregate Investment Volumes in PE/VC-Stage firms across geographies and sectors, in addition to viewing the specific deals that drove these volumes
  • Identify the top investors already active in any sector-Geography combinations
  • Assess the Performance of Financial and Legal Advisors, supporting the Dealmaking in any segment of choice (Customizable League tables)
  • Understand what is driving the PE/VC fundraising (Deal Rationale)
  Consult our full report here and optimize your business strategy.
by GlobalData
Enter your details here to receive your free Report.

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